Creo Medical scoops £3.5m Angel CoFund investment for “innovative” medical devices
Funding to go towards development of the first new electrosurgical system in "a generation" to support challenging medical procedures
Welsh medical firm Creo Medical has raised a £3.5m funding round led by the government-backed Angel CoFund and existing backer Finance Wales, taking its total funding received to date to £7.9m.
Other existing investors such as the Arete angel syndicate and individual angel investors such as Mark Farmer also participated in the round.
Founded in 2003, Creo Medical develops “innovative” medical devices to challenging medical procedures and is currently working on the development of the CROMA platform; said to be the first new electrosurgical system in a generation.
The platform uses microwave and bipolar radiofrequency energy to enable tissue effects to be created with a range of clinically relevant instruments.
The funding will go towards securing regulatory approval for the platform to be launched into the European market, as well as creating a ‘regulatory pathway’ into the American market.
Additional product innovations will include creating clinical solutions to complex gastrointestinal problems and other procedures such as laparoscopic or general surgery.
Creo Medical CEO, Craig Gulliford said: “Since launch, Creo Medical has benefitted significantly from the support both financially and on a business development level, from highly experienced angel investors in the medical and life sciences sectors.
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“Today’s funding announcement marks an important step change for the team, as we focus energies on Europe and the USA.
Tim Mills, Angel CoFund investment director, continued:
“The Angel CoFund is always on the look-out for both promising British businesses and strong angel investment syndicates, and for us, Creo Medical ticks all the boxes.”